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European Capital

European Capital Reports euro 0.21 NOI and euro 0.21 Realised Earnings in Q3 2007

06.11.2007 – 21:43

St. Peter Port, Guernsey, Channel Islands, November 6
(ots/PRNewswire)

- Reiterates Q4 Dividend Guidance of euro 0.14
European Capital Limited ("European Capital") (LSE: ECAS)
announced today its fourth quarter 2007 dividend guidance and its
results for the third quarter of 2007.
FOURTH QUARTER 2007 DIVIDEND GUIDANCE
European Capital reiterates guidance for a fourth quarter 2007
dividend of euro 0.14 per share. This would be an 8% increase over
the third quarter 2007 dividend of euro 0.13 per share. It is in line
with the dividend target announced at the time European Capital
declared its second quarter 2007 dividend and represents a 37%
increase from guidance provided in the Listing Prospectus. European
Capital has now paid a total of euro 24.9 million in dividends since
its May 2007 initial public offering ("IPO").
THIRD QUARTER 2007 RESULTS
European Capital also announced that for the third quarter of
2007, quarterly net operating income ("NOI") (earnings less
appreciation, depreciation, gains and losses) increased 62% to euro
23 million, compared to euro 14 million for the third quarter of
2006. NOI per share increased 11% to euro 0.21 per share from euro
0.19 per share for the third quarter of 2006.
Earnings less appreciation (depreciation) ("Realised Earnings")
increased 44% to euro 23 million, compared to euro 16 million for the
third quarter of 2006. Realised Earnings per share were the same at
euro 0.21 per share for the quarter compared to the third quarter of
2006. The last twelve months Realised Earnings return on average
equity totals 10%.
Earnings for the third quarter of 2007 decreased 84% to euro 3
million, compared to euro 17 million for the third quarter of 2006.
Earnings per share for the quarter decreased 87% to euro 0.03
compared to euro 0.23 for the third quarter of 2006. The last twelve
months Earnings return on equity totals 9%.
"We are pleased with our third quarter performance, particularly
compared to many other financial institutions. We continue to report
outstanding Realised Earnings, significantly in excess of our
dividends, resulting in a 62% dividend payout ratio," said Malon
Wilkus, European Capital Chairman. "Our Realised Earnings are driven
by the exceptional performance of our underlying assets, with a 15%
annual return since our inception in August 2005 on all of our
assets. In fact, the 21% of our assets comprising our equity
investments have experienced 25% annual returns since inception.
These returns have been corroborated by the euro 0.9 billion of
realisations we've experienced since inception in which we've enjoyed
a 16% weighted average IRR. Not only are these excellent realised
returns, but 57% of these realisations were from senior debt,
providing our shareholders with exceptional risk adjusted returns.
Our risk profile is further enhanced by an extremely conservative
balance sheet and the fact that more than 50% of our Realised
Earnings are paid out in cash dividends that the market can't
re-price and we can't restate. This is a great time to have permanent
capital, a great time to have one of the best capitalised balance
sheets and a great time to be levered less than 1:1 debt to equity."
As previously announced, third quarter 2007 dividends were euro
0.13 per share, a 30% growth over the second quarter 2007 dividend of
euro 0.10 per share. For the quarter, European Capital's dividend
payout ratio was 62% of Realised Earnings of euro 0.21 per share.
European Capital's net asset value ("NAV") per share at 30 September
2007 was euro 9.71, a euro 0.02 decrease, including distributions of
euro 0.23 per share, from the 10 May 2007 IPO NAV per share of euro
9.73.
"European Capital's portfolio continues to perform well," said
John Erickson, Director, European Capital Financial Services
(Guernsey) Limited, European Capital's Investment Manager. "Despite
the euro 3.7 million in portfolio company net depreciation this
quarter, European Capital's net portfolio company appreciation and
gains have totalled euro 18 million from inception to date, not
counting foreign currency translation. Delinquency or non-accruing
loans are at a low level of 2% and have been fully depreciated.
European Capital's aggregate portfolio is generating a 15% IRR after
taking into consideration the depreciation. We believe that the
performance of European Capital's portfolio remains outstanding."
In the third quarter of 2007, European Capital invested euro 0.4
billion of capital to make a total of euro 1.9 billion of invested
assets. In the third quarter of 2007, European Capital had euro 3.7
million of net portfolio depreciation, excluding foreign currency
exchange translation. Foreign currency net depreciation and losses
were euro 16.7 million, mainly as a result of the weakening of
sterling against the euro. This is comprised of net depreciation of
euro 16.1 million and net losses of euro 0.6 million.
The weighted average effective interest rate on European Capital's
total investments in debt securities at 30 September 2007 was 12.2%
versus 12.0% at 30 June 2007. At the same time, one portfolio company
with loans totalling euro 29 million at face value was on
non-accrual. This represented 2.0% of total loans at face value at 30
September 2007, compared to no loans at 30 September 2006. The fair
value of this loan at 30 September 2007 was nil.
"We have successfully increased European Capital's yields on debt
investments during the third quarter of 2007 in response to the
disruption of the credit markets. That has caused the average
effective interest rate to increase by 50 basis points above the
level at the end of the second quarter of 2007," said Ira Wagner,
President of European Capital Financial Services Limited ("ECFS").
"European Capital's One Stop Buyouts(TM) have become even more
important to sellers of companies in this uncertain financing
environment and European Capital's ability to underwrite mezzanine
tranches is in great demand from other private equity sponsors. In
addition, we continue to make progress increasing our market coverage
across Europe, and although our investment opportunities in the third
quarter of 2007 declined from the second quarter of 2007, due to the
decline in very large transactions, the mid-sized transaction market
remains active, and our investment opportunities grew 55% over the
third quarter of 2006."
Since its inception in August 2005 up until 30 September 2007,
European Capital has invested in 73 portfolio companies totalling
euro 2.7 billion. European Capital has earned a 16% compounded annual
return, including interest, dividends, fees and net gains, on
realisations of senior debt, subordinated debt and equity
investments, totalling euro 885 million of committed capital. These
realisations represent 32% of all amounts committed by European
Capital.
"During the third quarter of 2007, European Capital's strong
balance sheet and capital markets credibility allowed us to raise
euro 150 million of financing, during a time when access to capital
was closed to many financial institutions," said Tom McHale,
Director, ECFS. "European Capital has zero percent of its portfolio
in CMBS investments. Only 1.3% of our portfolio assets are in CDOs,
which have produced a 21% IRR since our initial investments. It has
no sub-prime mortgages. Equity investments in portfolio companies
have produced an excellent 25% IRR since inception. European  Capital
is very well capitalised and has a portfolio that is performing in a
market where opportunities have just become far more profitable."
THIRD PARTY VALUATION OF PORTFOLIO INVESTMENTS
European Capital's Board of Directors is responsible for
determining the fair value of European Capital's portfolio
investments on a quarterly basis. In that regard, the Board retains
Houlihan Lokey Howard & Zukin Financial Advisors Inc. ("Houlihan
Lokey") to assist it by having Houlihan Lokey regularly review its
fair value determinations. Houlihan Lokey is a leading valuation firm
engaged in approximately 1,000 valuation assignments per year for
clients worldwide. Each quarter, Houlihan Lokey reviews European
Capital's determination of the fair value of all portfolio companies
that have been a portfolio company at least one year and that have a
fair value in excess of euro 10 million. In the third quarter of
2007, Houlihan Lokey reviewed valuations of 16 portfolio company
investments having an aggregate euro 594 million in fair value as of
the period end. Since European Capital's May 2007 IPO, Houlihan Lokey
has reviewed 28 portfolio companies totalling euro 949 million in
fair value as of their respective valuation dates. In addition,
Houlihan Lokey representatives attend European Capital's quarterly
valuation meetings and provide periodic reports and recommendations
to the Audit Committee of the Board of Directors.
For those portfolio company investments that Houlihan Lokey has
reviewed during each applicable period, using the scope of review set
forth by European Capital's Board of Directors, the Board has made a
fair value determination that is within the aggregate range of fair
value for such investments as determined by Houlihan Lokey.
QUARTERLY CONSOLIDATED FINANCIAL STATEMENTS
European Capital has made available its Quarterly Consolidated
Financial Statements for the nine months ended 30 September 2007. A
copy may be downloaded from www.EuropeanCapital.com.
Financial highlights for the quarter are as follows:
                             EUROPEAN CAPITAL LIMITED
                           CONSOLIDATED BALANCE SHEETS
                   As of 30 September 2007 and 31 December 2006
                      (in thousands, except per share data)
                  (all amounts in euros unless otherwise noted)
                                   30 September  31 December   Q3 2007 Versus
                                       2007         2006           Q4 2006
                                   (unaudited)
                                                                euro        %
    Assets
    Investments at fair value (Cost
     basis of euro 1,909,041
     and euro 1,072,938
     respectively)                   1,900,947   1,077,709    823,238     76%
    Cash and cash equivalents           20,571      85,932    (65,361)   -76%
    Restricted cash                     17,404      12,913      4,491     35%
    Other                               11,616      18,031     (6,415)   -36%
      Total assets                   1,950,538   1,194,585    755,953     63%
    Liabilities and Shareholders' Equity
    Debt (maturing within one year
      euro 106,951 and
      euro-nil respectively)           877,246     422,414    454,832    108%
    Due to European Capital
     Financial Services (Guernsey)
     Limited                             3,776       3,568        208      6%
    Accrued dividends payable           14,087      21,750     (7,663)   -35%
    Other                                2,863       2,699        164      6%
      Total liabilities                897,972     450,431    447,541     99%
    Commitments and contingencies
    Shareholders' equity:
      Ordinary shares (nil par
       value, authorised to issue
       unlimited number of shares,
       108,364 issued and
       outstanding)                  1,030,371           -  1,030,371      NM
      Preference shares (nil par
       value, authorised to issue
       unlimited number of shares,
       75,000 issued and outstanding)        -     737,696   (737,696)  -100%
      Undistributed net realised
       earnings                         22,966       1,261     21,705      NM
      Net foreign currency
       (depreciation) appreciation     (14,609)        332    (14,941)     NM
      Net appreciation of investments   13,838       5,638      8,200    145%
      Other reserve                          -        (773)       773    100%
        Total shareholders' equity   1,052,566     744,154    308,412     41%
        Total liabilities and
         shareholders' equity        1,950,538   1,194,585    755,953     63%
    NM = Not Meaningful
                            EUROPEAN CAPITAL LIMITED
                     CONSOLIDATED STATEMENTS OF OPERATIONS
             Three and Nine Months Ended 30 September 2007 and 2006
                     (in thousands, except per share data)
                                  (unaudited)
                 (all amounts in euros unless otherwise noted)
                                       Three Months Ended  Three Months Ended
                                           30        30       30 September
                                        September September  2007 Versus 2006
                                            2007     2006
                                                                euro        %
    OPERATING INCOME:
    Interest and dividend income            45,294   20,361    24,933    122%
    Fee and other income                     1,076    7,959    (6,883)   -86%
      Total operating income                46,370   28,320    18,050     64%
    OPERATING EXPENSES:
    Interest                                12,066    5,103     6,963    136%
    Management fee and reimbursed expenses   8,945    7,971       974     12%
    Incentive fee                                -        -         -      NM
    General and administrative               2,213      898     1,315    146%
      Total operating expenses              23,224   13,972     9,252     66%
    OPERATING INCOME BEFORE INCOME TAXES    23,146   14,348     8,798     61%
    Provision for income taxes                 (12)     (69)       57     83%
    NET OPERATING INCOME                    23,134   14,279     8,855     62%
    Net foreign currency (losses) gains       (623)   1,406    (2,029)  -144%
    Net gains on investments                     -        -         -      NM
    TOTAL NET REALISED EARNINGS             22,511   15,685     6,826     44%
    Net foreign currency (depreciation)
     appreciation                          (16,065)     237   (16,302)     NM
    Net (depreciation) appreciation of
     investments                            (3,653)   1,158    (4,811)  -415%
    INCREASE IN NET ASSETS RESULTING FROM
     OPERATIONS ("EARNINGS")                 2,793   17,080   (14,287)   -84%
    NET OPERATING INCOME PER SHARE:
      Basic & Diluted                         0.21     0.19      0.02     11%
    NET REALISED EARNINGS PER SHARE:
      Basic & Diluted                         0.21     0.21      0.00      0%
    NET EARNINGS PER SHARE:
      Basic & Diluted                         0.03     0.23     (0.20)   -87%
    WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
      Basic & Diluted                      108,364   75,000    33,364     44%
    DIVIDENDS DECLARED PER SHARE              0.13     0.00      0.13      NM
                                          Nine Months Ended Nine Months Ended
                                             30       30    30 September 2007
                                          September September   Versus 2006
                                             2007     2006
                                                                 euro     %
    OPERATING INCOME:
    Interest and dividend income            119,256   39,904   79,352    199%
    Fee and other income                      6,103    8,979   (2,876)   -32%
      Total operating income                125,359   48,883   76,476    156%
    OPERATING EXPENSES:
    Interest                                 27,270    8,999   18,271    203%
    Management fee and reimbursed expenses   29,684   21,041    8,643     41%
    Incentive fee                             5,115        -    5,115      NM
    General and administrative                5,573    2,351    3,222    137%
      Total operating expenses               67,642   32,391   35,251    109%
    OPERATING INCOME BEFORE INCOME TAXES     57,717   16,492   41,225    250%
    Provision for income taxes                 (191)     (69)    (122)  -177%
    NET OPERATING INCOME                     57,526   16,423   41,103    250%
    Net foreign currency gains (losses)       2,531     (735)   3,266    444%
    Net gains on investments                  2,321      202    2,119      NM
    TOTAL NET REALISED EARNINGS              62,378   15,890   46,488    293%
    Net foreign currency (depreciation)     (14,941)    (745) (14,196)     NM
    Net appreciation of investments           8,200    2,362    5,838    247%
    INCREASE IN NET ASSETS RESULTING FROM
     OPERATIONS ("EARNINGS")                 55,637   17,507   38,130    218%
    NET OPERATING INCOME PER SHARE:
      Basic & Diluted                          0.62     0.22     0.40    182%
    NET REALISED EARNINGS PER SHARE:
      Basic & Diluted                          0.67     0.21     0.46    219%
    NET EARNINGS PER SHARE:
      Basic & Diluted                          0.60     0.23     0.37    161%
    WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
      Basic & Diluted                        92,599   75,000   17,599     23%
    DIVIDENDS DECLARED PER SHARE               0.44     0.00     0.44      NM
    NM = Not Meaningful
                           EUROPEAN CAPITAL LIMITED
                         OTHER FINANCIAL INFORMATION
             Three Months Ended 30 September 2007, 31 December 2006
                            and 30 September 2006
                     (in thousands, except per share data)
                                  (unaudited)
                (all amounts in euros unless otherwise noted)
                                   Q3         Q4     Q3 2007 Versus Q4 2006
                                   2007       2006        euro          %
    New Investments:
      Senior Debt                155,670    185,650     (29,980)       -16%
      Subordinated Debt          212,785    129,740      83,045         64%
      Preferred Equity            13,441     63,795     (50,354)       -79%
      Common Equity               30,181     14,031      16,150        115%
      CDO/CLO Investments         16,973          -      16,973          NM
        Total                    429,050    393,216      35,834          9%
    European Capital
     Sponsored Buyouts           123,040    243,367    (120,327)       -49%
    Financing for Sponsored
     Buyouts                     184,105    148,091      36,014         24%
    Direct Investments            95,713          -      95,713          NM
    Add-on Financing for
     Acquisitions                  9,219      1,758       7,461        424%
    Add-on Financing for
     Recapitalisations                 -          -           -          NM
    CDO/CLO Investments           16,973          -      16,973          NM
        Total                    429,050    393,216      35,834          9%
    Realisations:
      Senior Loan Syndications    42,048    122,702     (80,654)       -66%
      Principal Prepayments       76,916     30,306      46,610        154%
      Payment of Accrued
       Payment-in-kind Interest
       and Dividends and Original
       Issue Discount              4,109          -       4,109          NM
      Sale of Equity Investments       -      1,357      (1,357)      -100%
        Total                    123,073    154,365     (31,292)       -20%
    Appreciation, Depreciation,
     Gains and Losses:
      Gross Gains                      -      1,345      (1,345)      -100%
      Gross Losses                     -          -           -          NM
        Net Gains                      -      1,345      (1,345)      -100%
      Gross Appreciation at
       7, 2 and 2 Portfolio
       Companies                  31,191      3,678      27,513        748%
      Gross Depreciation at
       5, 1 and 1 Portfolio
       Companies                 (34,844)         -     (34,844)         NM
        Current Portfolio
         Net Appreciation         (3,653)     3,678      (7,331)      -199%
       Net Depreciation From the
        Recognition of Net Gains       -       (402)        402        100%
       Net (Depreciation)
        Appreciation for
        Foreign Currency
        Translation              (16,065)     1,819     (17,884)      -983%
       Net (Losses) Gains for
        Foreign Currency
        Translation                 (623)      (829)        206         25%
         Net Gains, Losses,
          Appreciation and
          Depreciation           (20,341)     5,611     (25,952)      -463%
    Other Financial Data:
      Net Asset Value per Share     9.71       9.92       (0.21)        -2%
      Market Capitalisation      938,432         NA          NM          NM
      Total Enterprise Value   1,795,107         NA          NM          NM
    Credit Quality:
      Weighted Average Effective
       Interest Rate on Debt
       Investments                 12.2%      12.5%
      Loans on Non-Accrual
       at Face                    29,000          -      29,000        100%
      Loans on Non-Accrual
       at Fair Value                   -          -           -          NM
      Past Due Loans at Face           -          -           -          NM
      Past Due and Non-Accrual
       Loans at Face as a
       Percentage of Total
       Loans                        2.0%       0.0%
      Past Due and Non-Accrual
       Loans at Fair Value
       as a Percentage of
       Total Loans                  0.0%       0.0%
      Number of Portfolio Companies
       on Non-Accrual and Past Due     1          -
    Return on Equity:
      LTM Net Operating Income
       Return on Average
       Equity at Cost               9.0%       7.9%
      LTM Realised Earnings
       Return on Average
       Equity at Cost               9.6%       7.9%
      LTM Earnings Return
       on Average Equity            9.3%       9.5%
      Current Quarter Net Operating
       Income Return on Average
       Equity at Cost Annualised    8.8%      10.1%
      Current Quarter Realised
       Earnings Return on Average
       Equity at Cost Annualised    8.6%      10.4%
      Current Quarter Earnings
       Return on Average Equity
       Annualised                   1.1%      13.7%
    Dividends:
      Dividend Coverage (Realised
       Earnings per Basic Share/
       Dividend per Share)         1.62x      1.48x
      Dividend Payout Ratio
       (Dividend per Share/
       Realised Earnings per
       Basic Share)                0.62x      0.68x
    NM = Not Meaningful
    NA = Not Applicable
                                           Q3         Q3 2007 Versus Q3 2006
                                          2006           euro           %
    New Investments:
      Senior Debt                       167,306        (11,636)       -7%
      Subordinated Debt                 161,481         51,304        32%
      Preferred Equity                  109,341        (95,900)      -88%
      Common Equity                       5,719         24,462       428%
      CDO/CLO Investments                     -         16,973         NM
        Total                           443,847        (14,797)       -3%
      European Capital Sponsored
       Buyouts                          259,002       (135,962)      -52%
      Financing for Sponsored Buyouts   154,021         30,084        20%
      Direct Investments                      -         95,713         NM
      Add-on Financing for Acquisitions  30,824        (21,605)      -70%
      Add-on Financing for
       Recapitalisations                      -              -         NM
      CDO/CLO Investments                     -         16,973         NM
        Total                           443,847        (14,797)       -3%
    Realisations:
      Senior Loan Syndications           62,391        (20,343)      -33%
      Principal Prepayments               7,182         69,734       971%
      Payment of Accrued Payment-in-kind
       Interest and Dividends and
       Original
       Issue Discount                         -          4,109         NM
      Sale of Equity Investments          1,206         (1,206)     -100%
        Total                            70,779         52,294        74%
    Appreciation, Depreciation,
     Gains and Losses:
      Gross Gains                             -              -         NM
      Gross Losses                            -              -         NM
        Net Gains                             -              -         NM
      Gross Appreciation at 7, 2 and
       2 Portfolio Companies              1,903         29,288         NM
      Gross Depreciation at 5, 1
       and 1 Portfolio Companies           (745)       (34,099)        NM
         Current Portfolio Net
          Appreciation                    1,158         (4,811)     -415%
      Net Depreciation From the
       Recognition of Net Gains               -              -         NM
      Net (Depreciation) Appreciation
       for Foreign Currency
       Translation                          237        (16,302)        NM
      Net (Losses) Gains for Foreign
       Currency Translation               1,406         (2,029)     -144%
      Net Gains, Losses, Appreciation
       and Depreciation                   2,801        (23,142)     -826%
    Other Financial Data:
      Net Asset Value per Share            6.77           2.94        43%
      Market Capitalisation                  NA             NM         NM
      Total Enterprise Value                 NA             NM         NM
    Credit Quality:
      Weighted Average Effective
       Interest Rate on Debt
       Investments                        11.6%
      Loans on Non-Accrual at Face            -         29,000         NM
      Loans on Non-Accrual at
       Fair Value                             -              -         NM
      Past Due Loans at Face                  -              -         NM
      Past Due and Non-Accrual Loans
       at Face as a Percentage of
       Total Loans                         0.0%
      Past Due and Non-Accrual Loans
       at Fair Value as a Percentage
       of Total Loans                      0.0%
      Number of Portfolio Companies
       on Non-Accrual and Past Due            -
    Return on Equity:
      LTM Net Operating Income Return
       on Average Equity at Cost           2.4%
      LTM Realised Earnings Return on
       Average Equity at Cost              2.5%
      LTM Earnings Return on Average
       Equity                              2.8%
      Current Quarter Net Operating
       Income Return on Average
       Equity at Cost Annualised          13.0%
      Current Quarter Realised
       Earnings Return on Average
       Equity at Cost Annualised          14.3%
      Current Quarter Earnings Return
       on Average Equity Annualised       15.6%
    Dividends:
      Dividend Coverage (Realised
       Earnings per Basic Share/
       Dividend per Share)                   NM
      Dividend Payout Ratio (Dividend
       per Share/Realised Earnings
       per Basic Share)                      NM
    NM = Not Meaningful
    NA = Not Applicable
                           EUROPEAN CAPITAL LIMITED
                           STATIC POOL INFORMATION
    Portfolio Statistics for Investments Made in Each of the Following Years
                                (in thousands)
                                 (unaudited)
                (all amounts in euros unless otherwise noted)
    Portfolio
     statistics(1)(9)           2005         2006         2007    Aggregate
    Internal Rate of Return
     - All Investments(2)(8)    16.3%       13.5%        17.0%       14.8%
    Internal Rate of Return
     - Equity Investments
     only(2)(8)(10)             38.3%       21.3%        29.4%       24.5%
    Original Investments
     and Commitments(8)       237,612   1,209,653    1,297,377   2,744,642
    Total Exits and
     Prepayments of Original
     Investments(8)            86,151     526,263      300,711     913,125
    Total Interest,
     Dividends and Fees
     Collected(8)              30,482      79,071       23,988     133,541
    Total Net Gains on
     Investments                  202       3,666            -       3,868
    Current Cost of
     Investments              163,475     721,193    1,024,371   1,909,041
    Current Fair Value
     of Investments           174,798     705,294    1,020,855   1,900,947
    Net Appreciation
     (Depreciation)            11,347      -5,681        7,892      13,558
    Non-Accruing Loans
     at Face                        -      29,000            -      29,000
    Non-Accruing Loans at
     Fair Value                     -           -            -           -
    Equity Interest at
     Fair Value                29,895     226,667      184,788     441,350
    Debt to EBITDA(3)(4)          5.1         6.3          7.4         6.8
    Interest Coverage(3)          3.5         2.8          4.1         3.6
    Debt Service
     Coverage(3)                  2.3         2.2          3.4         2.8
    Average Age of
     Companies               88 years    93 years     37 years    63 years
    Ownership Percentage        11.2%       31.2%        19.3%       23.1%
    Average Sales(5)          659,700     442,249      267,310     369,549
    Average EBITDA(6)          87,704      62,208       46,164      56,058
    Average EBITDA
     margin(6)                  15.5%       14.7%        17.1%       15.7%
    Total Sales(5)          4,554,897  15,895,962   13,660,229  34,111,088
    Total EBITDA(6)           706,051   2,333,138    2,329,007   5,368,196
    % of Senior Loans(7)          10%         23%          38%         30%
    % of Loans with Lien(7)      100%        100%         100%        100%
    (1)  Static pool classification is based on the year the initial
         investment was made. Subsequent add-on investments are included in
         the static pool year of the original investment.
    (2)  Assumes investments are exited at current fair value.
    (3)  These amounts do not include investments in which European Capital
         owns only equity.
    (4)  For portfolio companies with a nominal EBITDA amount, the portfolio
         company's maximum debt leverage is limited to 15 times EBITDA.
    (5)  Sales of the most recent twelve months, or when appropriate, the
         forecasted twelve months.
    (6)  EBITDA of the most recent twelve months, or when appropriate, the
         forecasted twelve months.
    (7)  As a percentage of our total debt investments.
    (8)  Non euro-denominated amounts are retranslated at the exchange rate
         ruling at the date of original investment.
    (9)  Non euro-denominated balances, other than those referred to in (8),
         are retranslated at the exchange rate ruling at the balance sheet
         date.
    (10) Excludes equity investments that are the result of conversions of
         debt and warrants received with the issuance of debt.
A summary of European Capital's dividend history post IPO and
forecast follows. For more information, please visit our website at
www.EuropeanCapital.com or call our Investor Relations Department at
+44-(0)-20-7539-7100.
              EUROPEAN CAPITAL'S DIVIDEND HISTORY POST MAY 2007 IPO
                (all amounts in euros unless otherwise noted)
                                             % Change of
                                            Dividend Over
        Year and Quarter        Dividend     Prior Period        Total
    2007                         0.37             N/A            0.37
    Q4 Guidance                  0.14
    Q3                           0.13
    Q2 (IPO = 10 May 2007)       0.10
SHAREHOLDER CALL
European Capital invites shareholders, analysts and other
interested persons to attend the European Capital Shareholder Call on
Wednesday 7 November 2007 at 14:30 GMT (9:30 EST). The dial in number
will be +44-(0)-129-648-0100. Callers within the United States should
dial +1-866-804-8688. The access code for callers is 814911.
Point your browser to www.EuropeanCapital.com and click on the Q3
2007 Shareholder Call Slide Show button.
BEFORE THE CALL:
REVIEW SLIDE PRESENTATION IN ADVANCE OF THE SHAREHOLDER CALL
The quarterly shareholder presentation includes a slide
presentation to accompany the call that participants may download and
print prior to the call. You may wish to take the time to review the
slides in advance of the Shareholder Call.
DURING THE CALL:
VIEW STREAMING SLIDE PRESENTATION DURING THE SHAREHOLDER CALL
During the Shareholder Call you may watch and listen to the
webcast or listen to the Shareholder Call by phone and step through
the slides at your own pace.
AFTER THE CALL:
LISTEN AND VIEW AUDIO SLIDE PRESENTATION AFTER THE CALL
The audio of the Shareholder Call combined with the slide
presentation will be made available after the call on 7 November on
our website www.EuropeanCapital.com.
AUDIO ONLY PRESENTATION AVAILABLE AFTER THE SHAREHOLDER CALL:
There will be a phone recording available from 23:59 GMT Wednesday
7 November until 23:59 GMT Wednesday 21 November. If you are
interested in hearing the recording of the presentation, please dial
+44-(0)-800-032-9687  or +44-(0)-207-136-9233. The access code for
callers is 18522018.
For further information or questions, please do not hesitate to
call our Investor Relations Department at +44-(0)-20-7539-7100.
ABOUT EUROPEAN CAPITAL
European Capital is a publicly traded investment company for
pan-European equity, mezzanine and senior debt investments with
capital resources of approximately euro 2.3 billion (US$3.3 billion).
It is managed by European Capital Financial Services (Guernsey)
Limited ("ECFSG" or "the Investment Manager"), a wholly-owned
affiliate of American Capital Strategies, Ltd. ("American Capital").
European Capital invests in and sponsors management and employee
buyouts, invests in private equity buyouts and provides capital
directly to private and public companies headquartered predominantly
in Europe. European Capital generally invests between euro 5 million
and euro 500 million per transaction in equity, mezzanine debt and
senior debt to fund growth, acquisitions and recapitalisations.
The investment objective of European Capital is to provide
investors with dividend income and the potential for share value
appreciation by investing in debt and equity investments in private
and public companies headquartered primarily in Europe. European
Capital seeks to achieve this through pursuing the following types of
investments:
European Capital One Stop Buyouts(TM)
Through our One Stop Buyouts(TM), European Capital provides
equity, mezzanine debt and senior debt as the lead investor in the
buyout of private and public companies.
Mezzanine Direct with Sponsors
European Capital provides debt and equity financing for buyouts
sponsored by private equity firms where European Capital is either
the sole or lead mezzanine debt investor.
Syndicated Mezzanine and Senior Debt
European Capital provides mezzanine and senior financing for
buyouts sponsored by private equity firms where European Capital is
neither the sole nor lead mezzanine or senior debt investor.
Direct Investments
European Capital provides debt and equity financing directly to
private and public companies, which is used for growth, acquisitions
or recapitalisations, and investing in structured finance vehicles.
Companies interested in learning more about European Capital's
flexible financing should contact Jean Eichenlaub at
+33-(0)1-40-68-06-66 in Paris, Simon Henderson or Nathalie Faure
Beaulieu at +44-(0)20-7539-7000 in London, Robert von Finckenstein at
+49-(0)-69-71-71-297-0 in Frankfurt, or Luis Felipe Castellanos at
+34-91-745-99-63 in Madrid, or visit the website at
www.EuropeanCapital.com.
ABOUT AMERICAN CAPITAL
American Capital Strategies Ltd. (Nasdaq: ACAS), with US$19
billion in capital resources under management, is an affiliate of
European Capital and a member of the S&P 500. It is the largest U.S.
publicly traded private equity firm and one of the largest publicly
traded alternative asset managers. American Capital, both directly
and through its global asset management business, is an investor in
management and employee buyouts, private equity buyouts, and early
stage and mature private and public companies. American Capital
provides senior debt, mezzanine debt and equity to fund growth,
acquisitions, recapitalisations and securitisations. American Capital
and its affiliates invest from US$5 million to US$800 million per
company in North America and euro 5 million to euro 500 million per
company in Europe.
IMPORTANT DISCLOSURES
This document may contain "forward-looking statements". By their
nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances. Many of these
risks and uncertainties relate to factors beyond European Capital's
control or which cannot be estimated precisely. These Factors
include, but are not limited to, uncertainties associated with the
timing of transaction closings, changes in interest rates,
availability of transactions, changes in regional, national or
international economic conditions, and changes in the conditions of
the industries in which European Capital has made investments. Actual
outcomes and results may therefore differ materially from any
outcomes or results expressed or implied by any such forward-looking
statements.
Performance data quoted above represents past performance of
European Capital. Past performance does not guarantee future results
and the investment return and principal value of an investment in
European Capital will likely fluctuate. Consequently, an investor's
shares, when sold, may be worth more or less than their original
cost. Additionally, European Capital's current performance may be
lower or higher than the performance data quoted above.
Nothing in this document is intended to be a profit forecast.
Web site: http://www.EuropeanCapital.com
              http://www.americancapital.com

Contact:

John Erickson, Dir., European Capital Financial Services, Guernsey,
+1-301-951-6122, or Tom McHale, Dir., European Capital Financial
Services, +1-301-951-6122, or Justin Cressall, Equity Capital
Markets, American Capital Strategies Ltd., +1-301-951-6122

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